Could Sanchez Return?

It’s a given that quarterback Mark Sanchez won’t return to the Jets with a $9 million base salary and a $2 million roster bonus due later this month. But until he’s cut, there’s a chance he could stay, with a revised deal.

Per a source with knowledge of the situation, it’s still too early to know how it will play out. Whatever the Jets offer Sanchez on a reduced contract could be more than what another team would pay.

The Jets haven’t committed to Geno Smith as the starting quarterback in 2014, but it would be awkward for G.M. John Idzik if the guy Idzik tried to displace returns to the team after a year spent on injured reserve and knocks Smith to the bench. For coach Rex Ryan, in contrast, it could be just what he needs.

Ryan is coaching for his job once again in 2014. If Smith can’t do lead the team to victory, then Ryan needs someone else to get it done.

The final outcome hinges largely on whether the teams potentially interested in Sanchez find other quarterbacks elsewhere, in the early days of free agency. By the time March 25 approaches, much more will be known about the available options — and much more will be known about whether and to what extent the Jets’ best offer compares to what another team would pay.

Yes, it’s tampering for another team to let Sanchez or his agents know what another team would pay. That won’t stop it from happening.

The Jets have the space to carry Sanchez’s $13 million cap number. Based on the way his latest contract was written, they also have some time.

When it comes to New York/New Jersey real estate, Mark Sanchez should be a seller, not a buyer, right? After all, reports of his ouster have been circulating for months. But, wait: The Real Deal, which covers New York real-estate news, reported that Sanchez checked out a $4.2 million loft in Tribeca on Thursday.

The website used an unnamed source, with the listing agent -- a gentlemen from Sotheby's International Realty -- declining to confirm the information. The apartment hit the market only two days ago.

Obvious question: Does this mean Sanchez expects to remain with the New York Jets? We're waiting to hear from the Sanchez camp, but there could be a number of explanations for his house-hunting adventure. Maybe he's looking for investment property. Maybe he's a Robert DeNiro fan and wants to be his neighbor in Tribeca. Who knows?

Sanchez's football future is up in the air. While it's not a foregone conclusion that he will be released, it's certainly a strong possibility. A lot depends on what happens during the first two weeks of free agency. If the Jets sign a veteran quarterback, perhaps Michael Vick or Josh McCown, Sanchez is a goner. If they strike out, they could see Sanchez as their best option. A significant hurdle would remain: Renegotiating his contract, which is due to pay him $11.5 million in 2014. Another issue is the condition of his surgically repaired shoulder.

Basically, the Jets have to make a decision by March 25, when a $2 million roster bonus is due. Yes, another Sanchez-Geno Smith competition would be awkward and potentially messy, but they can't leave themselves vulnerable again at the position, as they did last season.

The Jets have been tight-lipped on Sanchez's future, refusing to say anything.